MSA Safety Incorporated : Presentation (MSA 1Q 2026 Earnings Presentation Final)

Published: 2026-05-05 09:17:12 ET MSA

Published on 05/05/2026 at 09:17 am EDT

‌First Quarter 2026‌

Earnings Presentation

MSA Safety | First Quarter 2026 Earnings Presentation 1

May 5, 2026

‌Larry De Maria

Executive Director of Investor Relations

Introduction

Industrial Safety Technology Company Driven by Our Mission:

MSA Safety | First Quarter 2026 Earnings Presentation 2

That men and women may work in safety and that they, their families, and their communities may live in health throughout the world.

‌Cautionary Statements Regarding Forward-looking Statements

This presentation may contain (and verbal statements made by MSA® Safety Incorporated ("MSA Safety") may contain) "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These risks and other factors include, but are not limited to, statements in this presentation regarding our expectations of future results, performance or financial condition we express or imply in any forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "objectives," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this presentation, whether as a result of new information, future events or otherwise, except as required by law.

MSA Safety | First Quarter 2026 Earnings Presentation 3

‌Non-GAAP Financials

To supplement our Consolidated Financial Statements presented in accordance with generally accepted accounting principles ("GAAP"), we use, and this presentation includes, certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, R&D investment, net debt, debt to adjusted EBITDA, net debt to adjusted EBITDA (net leverage), free cash flow and free cash flow conversion. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends.

The presentation of these non-GAAP financial measures does not comply with U.S. GAAP. These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, together with a reconciliation to the most directly comparable GAAP financial measure, see the appendix of this presentation.

MSA Safety | First Quarter 2026 Earnings Presentation 4

‌Steve Blanco

President and Chief Executive Officer

Business Update

Industrial Safety Technology Company Driven by Our Mission:

MSA Safety | First Quarter 2026 Earnings Presentation 5

That men and women may work in safety and that they, their families, and their communities may live in health throughout the world.

‌1Q 2026 Performance

Solid Start to 2026 with Growth and Margin Expansion

Update

Key Metrics(1)

1Q 2026

Net Sales

$464MM

+10%

Adjusted Operating Income

$101MM

+16%

Adjusted Operating Margin

21.8%

+100 bps

Adjusted EPS

$1.99

+18%

Free Cash Flow

$65MM

+28%

See appendix for definitions of non-GAAP measures and non-GAAP reconciliations.

(1) Comparisons are year-over-year, percentage change may not calculate exactly due to rounding.

MSA Safety | First Quarter 2026 Earnings Presentation 6

‌1Q 2026 Executive Summary

Driving Operating Performance Through Strategic Execution

Accelerate Strategy Update

MBS(1) driven execution, including strategic pricing, enabled margin expansion

Define

Design

Deliver

MSA team engaged with customers, channel partners and other key stakeholders at FDIC(2) in April

MSA Business System

Fire Department Instructors Conference

MSA Safety | First Quarter 2026 Earnings Presentation 7

‌Autronica: Transaction Summary

Financing

Transaction will be funded with a combination of cash on hand and borrowings on MSA's existing credit facility

Expected pro forma net leverage of ~2.0x

2025 sales of ~$160 million, ~20% adjusted

EBITDA margin

Expected synergies of ~6% Autronica sales

Expected to be accretive to MSA's adjusted

earnings in the first full year of ownership

Financial

Impact

•

Expected to close in third quarter of 2026, subject

to customary closing conditions and regulatory approvals

Timing

•

Advances MSA's Accelerate strategy by broadening our detection platform through a high-quality, strategic acquisition

Expands MSA into a $3 billion+ addressable market with attractive growth and regulatory dynamics

Enables earlier project engagement and solution-led selling, positioning MSA deeper in front-end design and specification decisions

Highly complementary to MSA's portfolio and footprint, with a strong financial profile, aligned mission-critical technologies, and large installed base

Strategic Rationale

Accelerates Detection Growth; Adds Scaled Fire and Gas Systems Capabilities

Valuation

Transaction valued at $555 million

~17x 2025 adjusted EBITDA multiple, ~13x with

run-rate synergies

Refer to transaction press release on our Investor Relations website for more information.

MSA Safety | First Quarter 2026 Earnings Presentation 8

‌Autronica: A Leader in Fire & Gas Detection & Alarm Systems

Highly Complementary Portfolio Fit, Strategically Aligned with MSA's Mission, Vision and Values

Business Overview

Established fire and gas safety solutions provider founded in 1957, headquartered in Trondheim, Norway, with ~500 employees globally

Designs, manufactures, and supplies fire detection, gas detection, and alarm systems for safety-critical environments

Long operating history with a large, mission-critical installed base supported by ongoing service and aftermarket relationships

Serves commercial and industrial critical infrastructure, energy, and maritime end markets

High reliability, low false-alarm rates and strong performance in high-risk environments, aligned with zero-loss-of-life mission

Technology Leadership

Life Safety

Premium Safety Segment

Advanced capabilities include multi-criteria, algorithmic sensing, integrated control architecture, software-enabled visualization platforms

Strong reputation for high technical reliability, broad certifications and mission-critical applications

Key Products 2025 Sales Breakdown(1)

AutroGuard

customers and markets

AutroFlame

AutroSafe

AutroPrime

Multi-certified fire detector for global

Flame detector with best-in-class performance / cost ratio

Global multi-certified control panel for critical infrastructure, energy & power, marine and clean energy

Global certified fire protection system for critical infrastructure and marine

Critical Infrastructure

Clean Energy Norway 5%

Americas

40%

End Markets

20%

Marine

APAC

35%

Geography

10%

40%

15%

35%

Oil, Gas, Petrochemical

EMEA

(1) Represents approximate end market and geographic sales exposure. EMEA represents sales in the Middle East, Africa, and Europe (excluding Norway).

MSA Safety | First Quarter 2026 Earnings Presentation 9

‌Julie Beck

Senior Vice President and Chief Financial Officer

Financial Performance and 2026 Outlook

Industrial Safety Technology Company Driven by Our Mission:

MSA Safety | First Quarter 2026 Earnings Presentation 10

That men and women may work in safety and that they, their families, and their communities may live in health throughout the world.

‌1Q 2026 Financial Summary

Revenue Growth and Healthy Incremental Margin Drove 18% Adjusted Earnings per Share Growth

Net Sales Adjusted Operating Income and Margin

Adjusted EPS

$464MM

$421MM

1Q 2025 1Q 2026

+10% REPORTED NET SALES GROWTH

Sales: +3% organic, +4% FX, +3% acquisitions

Americas: +11% reported (+7% organic)

International: +8% reported (-7% organic)

Positive contributions from price and M&C TechGroup acquisition

$101MM

$88MM

21.8%

20.8%

1Q 2025 1Q 2026

21.8% ADJUSTED OPERATING MARGIN

Adjusted operating margin: +100 bps YoY

Americas: 30.2%

International: 10.5%

Incremental operating margin of 32%

Adjusted operating margin expansion reflects strategic pricing, productivity, positive mix, and favorable transactional FX

Adjusted EBITDA margin of 25.0%,

+90 bps YoY

$1.99

$1.68

1Q 2025 1Q 2026

+18% ADJUSTED EPS GROWTH

Sales growth and margin expansion were primary drivers of EPS growth

Positive FX translation impact

M&C accretive to quarterly adjusted EPS

Benefited from share repurchases and lower YoY adjusted effective tax rate

See appendix for definitions of non-GAAP measures and non-GAAP reconciliations.

Percentage sales change may not calculate exactly due to rounding.

MSA Safety | First Quarter 2026 Earnings Presentation 11

‌1Q 2026 Free Cash Flow and Financial Leverage

Generated Strong Free Cash Flow; Authorized $500MM Share Buyback Program

Free Cash Flow

$65MM

$51MM

Net Leverage

0.9x 0.9x

1Q 2025 1Q 2026

DISCIPLINED CAPITAL ALLOCATION AND CASH FLOW GENERATION

12/31/2025 3/31/2026

ROBUST BALANCE SHEET WITH 0.9X NET LEVERAGE AND AMPLE LIQUIDITY

Free cash flow conversion rate of 91%

Returned $71MM to shareholders via dividends of $21MM and share repurchases of $50MM

Healthy M&A pipeline

Authorized new $500MM share repurchase program(1)

Liquidity of $1.2B(2)

Strong balance sheet and ample liquidity enable significant capital deployment optionality to support Accelerate growth strategy

See appendix for definitions of non-GAAP measures and non-GAAP reconciliations.

Replaces the previous $200MM share repurchase program. No termination date set for the new authorization.

Includes cash on hand and committed Revolving Credit Facility capacity.

MSA Safety | First Quarter 2026 Earnings Presentation 12

‌2026 Outlook

Maintaining Mid-Single Digit Organic Sales Growth Outlook

% NET SALES(1)

DIVERSE END MARKETS

DETECTION

identification

41% • Food retail

FIRE SERVICE

34% • Municipal fire service

INDUSTRIAL PPE AND OTHER

25% • Manufacturing

Fixed gas & flame detection

Refrigerant detection &

Portable gas detection

Gas analysis & process safety

Energy & chemical

Utilities

HVAC-R

Water & wastewater

Industrial

SCBA

Helmets

Protective apparel

Government fire service

First responder

Industrial head protection

Fall protection

APR & other PPE

Energy & utilities

Construction

Industrial

Healthcare & pharma

OPERATING ENVIRONMENT UPDATE

TAILWINDS

+ Positive contribution from strategic pricing actions

+ Carry-over from fire service late AFG funding and U.S. Government shutdown in 2025

+ Continued momentum in fall protection

+ Favorable underlying demand for fixed and portable detection, including MSA+ connected ecosystem solutions

+ Increasing global safety standards creating demand for sophisticated safety products and solutions; diverse end markets provide resiliency

HEADWINDS

Continued macroeconomic, tariff and geopolitical policy uncertainty

Middle East conflict impacting near-term order delivery, timing, and supply chain logistics; lower European economic growth

DHS(3) shutdown could impact timing of AFG funding

Mixed industrial end market demand globally

Non-recurrence of large detection orders in Latin America

ADDITIONAL FULL-YEAR MODELING CONSIDERATIONS

Percent of net sales for the twelve-months ended March 31, 2026.

Acquisition of M&C TechGroup in May 2025.

Department of Homeland Security

MSA Safety | First Quarter 2026 Earnings Presentation 13

‌Steve Blanco

President and Chief Executive Officer

Closing Remarks

Industrial Safety Technology Company Driven by Our Mission:

MSA Safety | First Quarter 2026 Earnings Presentation 14

That men and women may work in safety and that they, their families, and their communities may live in health throughout the world.

‌1Q 2026 Key Takeaways

Positioned to Deliver Stakeholder Value in 2026 and Beyond

Solid start to 2026 delivering topline growth,

margin expansion and free cash flow while

navigating challenging geopolitical conditions

Strong financial profile provides balanced capital

deployment optionality, including growth investments and returns to shareholders

Executing Accelerate strategy to deliver profitable

Thank You to Our Associates!

Signed a definitive agreement to acquire Autronica, a strategically aligned detection business providing growth and addressable market expansion

MSA Safety | First Quarter 2026 Earnings Presentation 15

‌Q&A

MSA Safety | First Quarter 2026 Earnings Presentation 16

‌Appendix

MSA Safety | First Quarter 2026 Earnings Presentation 17

‌MSA Safety (NYSE: MSA) Snapshot

$1.9B Net Sales(1)

4.3% R&D Investment(1,2)

Net Sales by Segment(1)

Net Sales by Product Category(1,3)

46.8% Gross Profit Margin(1)

33%

International

41%

Detection

34%

Fire Service

22.3% Adj. Operating Margin(1)

0.9x Net Leverage(1)

Years

Consecutive Dividend

Increases

67%

Americas

25%

Industrial PPE & Other

See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. (1) Key metrics for the twelve-months ended March 31,

2026. (2) Percentage of net sales; includes capitalized software development costs (3) Detection includes Fixed Gas & Flame Detection and Portable Gas Detection. Fire Service includes Self-Contained Breathing Apparatus (SCBA) and Firefighter Helmets & Protective Apparel.

Industrial PPE & Other includes Industrial Head Protection, Fall Protection, and Other PPE Sales.

MSA Safety | First Quarter 2026 Earnings Presentation 18

‌MSA Safety | Accelerate Strategy

CONTINUE TO BE THE LEADER IN PREMIUM SAFETY SOLUTIONS

IMPLEMENT TARGETED GROWTH ACCELERATORS

APPLY MSA BUSINESS SYSTEM TO ENABLE EXCELLENCE

ALLOCATE CAPITAL EFFECTIVELY

Leverage scale, market leadership, and customer-centric innovation to drive above-market profitable growth

Deliver excellence in customer experience and commercial execution

Enhance diversification across end markets, geographies, and product portfolio to fortify resilient organic growth

Continue to evolve from hardware supplier to system solutions provider, improving customer safety outcomes and generating recurring revenue

Lean into high-growth end markets such as detection and fall protection with distinct safety megatrends around connectivity and productivity solutions

Enhance portfolio through strategic acquisitions

Drive excellence in pricing, operations, resource allocation, and balance sheet efficiency

Set foundation for digital automation

Empower high-performance teams

and leaders

Win as a team with consistent tools, processes, and behaviors

Leverage premier financial profile to deliver sustainable long-term growth

Maintain disciplined, growth-oriented capital allocation strategy, priorities include:

Organic growth

M&A

56 Years of increasing dividend

Share repurchases

MSA Safety | First Quarter 2026 Earnings Presentation 19

‌MSA Safety | Business System (MBS)

BEHAVIORS

The way we act and react to changes and challenges

Relentless focus on improving our performance on new product development, SG&A, project management, and global business service

PROCESSES

How we work with others and apply tools

Working Capital: SIOP(1) to forecast supply and demand and apply global best practices in transaction processing

TOOLS

Ways to identify and eliminate waste, standardize work, and problem solve

FOUNDATION TO ACHIEVE SUPERIOR AND SUSTAINABLE RESULTS

Manufacturing Execution System (MES): gaining greater visibility and real-time data from our manufacturing plants through technology

(1) Sales, Inventory, and Operations Planning.

MSA Safety | First Quarter 2026 Earnings Presentation 20

‌MSA Safety | 2028 Financial Targets

OUR STRATEGY FUELS PROVEN SHAREHOLDER VALUE CREATION

MISSION-DRIVEN REINVESTMENT

Resilient Organic

Revenue Growth

$2.1B - $2.3B

3 - 5% organic revenue growth

Market growth, customer-centric innovation, and commercial excellence

Macro secular safety trends

Operating Margin(1) Expansion

23.5% - 25.0%

Target 30 - 50 bps annually

MSA Business System evolution across global business

Continued focus on operating efficiency

Continued EPS(1) Compounding

$10.00 - $11.00

Strategy evolution delivers new base of expansion

30 - 40% incremental operating margins

Capital Deployment Optionality

$1.5B+(2)

Consistent organic growth investment

Sustained dividend + share repurchases

Accretive acquisitions from free cash flow generation and available debt capacity

Continue performance of 20%+ Adjusted ROIC

Targets refer to adjusted metric, see appendix for definitions of non-GAAP measures.

Reflects expected cumulative free cash flow after dividends and share repurchase and available debt capacity.

MSA Safety | First Quarter 2026 Earnings Presentation 21

MSA Safety | First Quarter 2026 Earnings Presentation 22

‌Reconciliation of Non-GAAP Financial Measures

Organic Sales Change (Unaudited)

Detection includes Fixed Gas and Flame Detection and Portable Gas Detection.

Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.

Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure.

MSA Safety | First Quarter 2026 Earnings Presentation 23

‌Reconciliation of Non-GAAP Financial Measures

Adjusted Operating Income and Adjusted EBITDA (Unaudited)

Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of or in connection with acquisitions and divestitures. These costs are included in selling, general

and administrative expense in the Condensed Consolidated Statements of Operations.

Adjusted operating income and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are the measures used by management to evaluate segment performance and allocate resources. As such, management believes these measures are useful metrics for investors. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, amortization of acquisition-related intangible assets, and transaction costs and Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization. Adjusted operating income and adjusted EBITDA are not recognized terms under GAAP and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures.

MSA Safety | First Quarter 2026 Earnings Presentation 24

‌Reconciliation of Non-GAAP Financial Measures

Free Cash Flow (Unaudited)

Management believes that free cash flow is a meaningful measure for investors. Management reviews cash from operations after deducting capital expenditures because these expenditures are necessary to promote growth of MSA's business and are likely to produce cash from operations in future periods. It is important to note that free cash flow does not reflect the residual cash balance of the company for discretionary spending since other items, including debt and dividend payments, are deducted from free cash flow before arriving at the company's ending cash balance. Management defines free cash flow conversion as free cash flow divided by net income. There can be no assurances that MSA's definition of free cash flow is consistent with that of other companies. As such, management believes that it is appropriate to consider cash from operating activities determined on a GAAP basis as well as free cash flow.

MSA Safety | First Quarter 2026 Earnings Presentation 25

‌Reconciliation of Non-GAAP Financial Measures

Adjusted Earnings and Adjusted Earnings per Diluted Share (Unaudited)

Management believes that adjusted earnings and adjusted earnings per diluted share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings.

MSA Safety | First Quarter 2026 Earnings Presentation 26

‌Reconciliation of Non-GAAP Financial Measures

Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)

Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength.

There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies.

MSA Safety | First Quarter 2026 Earnings Presentation 27

‌Reconciliation of Non-GAAP Financial Measures

R&D Investment (Unaudited)

Management believes that total R&D investment is a meaningful measure for investors. Management includes capitalized software development costs when evaluating total research and development expenditures as it believes it better represents its overall spend. Management defines R&D investment as research and development expense plus capitalized software development cost. As such, management believes that it is appropriate to consider research and development expense determined on a GAAP basis as well as total R&D investment.

MSA Safety | First Quarter 2026 Earnings Presentation 28

‌MSA Safety | First Quarter 2026 Earnings Presentation 29

MSA Safety | First Quarter 2026 Earnings Presentation

Disclaimer

MSA Safety Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 13:16 UTC.